The State Bank of Pakistan (SBP) has cleared the Fit & Proper Test (FPT) for Muhammad Nauman Chughtai as president and Chief Executive Officer (CEO) of MCB Bank Limited.

MCB Bank, one of Pakistan’s largest commercial banks, announced the development in its notice to the Pakistan Stock Exchange (PSX) on Wednesday.

“In continuation to our letter dated December 11, 2024, it is hereby informed that the State Bank of Pakistan (SBP) has cleared FPT of Muhammad Nauman Chughtai, as president & CEO of MCB Bank Limited,” read the notice.

Last month, MCB’s Board of Directors (BoD) appointed Muhammad Nauman Chughtai to succeed Shoaib Mumtaz as president and CEO.

According to information available on MCB’s website, Nauman Chughtai is currently serving as Group Head of Risk Management Group at MCB. He also serves on the Board of MCB Bank Leasing Azerbaijan, a subsidiary of MCB Bank Limited.

Nauman has over 25 years of professional banking experience in local and foreign banks in risk management and corporate banking.

He is a Chartered Financial Analyst (CFA) and holds an MBA in Finance and Marketing from the Lahore University of Management Sciences. He also holds a BE in Electronics Engineering from NED University.